‘Aggressive’ look at Singapore-Korea FTA needed: PM Lee

SEOUL — Prime Minister Lee Hsien Loong has urged officials from Singapore and Korea to take an aggressive look into the review of the Korea-Singapore Free Trade Agreement (FTA) so that the agreement can make a “quantum leap” and be consistent with the FTAs that Singapore and Korea have signed with other parties.

Mr Lee highlighted this during a bilateral meeting with South Korean President Park Guen-hye today (Dec 11) ahead of the ASEAN-Korea Commemorative Summit in Busan.

The Korea-Singapore FTA was signed in 2005 and came into force in 2006. It is Korea’s first FTA with an Asian country.

Both sides also discussed air services agreement and hoped that there will be progress.

They also noted the progress that has been made since Mr Lee made an official visit to Seoul a year ago. This is particularly so in the areas of medical technology and IT.

In terms of business projects, Mr Lee said there is a big volume particularly from Korea to Singapore. But he noted that this is beginning to happen from Singapore to Korea.

Mr Lee congratulated President Park for hosting the ASEAN-Korea Commemorative Summit marking the 25th Anniversary of ASEAN-Korea relations. CHANNEL NEWSASIA